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A 670 credit score is “good”, according to the credit score company FICO®. Because the average FICO score is 711, this puts a credit score of 670 to be below average, but it can still get you qualified for a home loan, a car loan, and a variety of credit cards.
Before we go more in-depth, we need to clarify an important point: you have more than one credit score.
FICO, the main provider of credit scores, uses several different scoring models. Each generates a different score. Some lenders use the competing VantageScore system. We’ll focus on the FICO 8 credit score, the one most commonly used by lenders.
Let’s look at what you can do with a 670 FICO 8 score.
Is 670 a Good Credit Score to Buy a Car?
This table shows the impact of your credit rating on a 60-month new car loan of $20,000 on April 23, 2021, based on FICO’s credit score calculator.
Car Loan Interest Rates by Credit Score
|FICO Score||APR||Monthly Payment||Total Interest Paid|
Your 670 score will get you approved for an auto loan. If you can get your score up to 690, you could save $1,360 over the life of your loan!
Is 670 a Good Credit Score to Rent an Apartment?
Landlords run credit checks before approving tenants, but don’t worry about your credit score. Landlords normally only look for records of evictions, unless you’re applying to rent a high-end apartment or house.
Your 670 FICO score should not be a problem unless your credit history shows evictions. If it does, tell the landlord upfront and offer a larger security deposit. You may still close the deal.
Is 670 a Good Credit Score to Buy a House?
Mortgage loans involve large amounts and long terms. Small differences in interest rates can translate into serious savings or costs.
Here’s how your credit score can affect your costs on a $300,000 30-year fixed-rate home loan.
Home Loan Interest Rates by Credit Score
|FICO Score||APR||Monthly Payment||Total Interest Paid|
If you have a 670 FICO score, adding just 10 points could save you $12,504 over the life of the loan. Excellent credit could save you over $35,000!
Your mortgage lender will consider other factors when setting your rate. The size of your down payment and your debt-to-income ratio is particularly important.
You may be able to get a better interest rate from an FHA loan. Remember that these loans may require private mortgage insurance. A conventional loan may be a better deal if you qualify.
What Credit Card is Good for a 670 Credit Score?
Choosing a credit card can be challenging. Issuers offer a number of features, and you’ll have to decide which ones matter to you.
A low APR on credit card debt is good, but if you pay each bill in full and on time and avoid cash advances (as you should) you won’t pay interest at all. If you don’t travel, foreign transaction fees won’t matter. If you don’t spend much on your card, rewards won’t be a priority.
Credit cards you can get with a 670 credit score:
- Capital One Platinum Credit Card
- Petal1 “No Annual Fee” Visa Credit Card
- QuicksilverOne from Capital One Credit Card
- Credit One Bank® Platform Visa®
The Capital One Platinum Credit Card has no rewards, but it also doesn’t have an annual fee. The APR on purchases is 24.99%.
The Petal1 “No Annual Fee” Visa Credit Card has, you guessed it, no annual fee. It offers 2%-10% cashback at selected merchants, and an AP of 19.99% – 29.49%.
The QuicksilverOne from Capital One Credit Card has an annual fee of $39, 24.99% APR, and 1.5% cashback on all purchases.
The Credit One Bank® Platform Visa® has an annual fee of $39, 23.99% APR, and 1% cashback on eligible purchases.
These cards charge above-average interest rates: the average US credit card APR as of February 2021 is 15.91%, according to the Federal Reserve.
At this credit score, the credit cards often come with annual fees and higher interest rates. Some of them have rewards, some of them don’t.
Remember that the better your credit score, the lower your APR will be.
(And of course our writing this is no guarantee that you’ll be accepted for any credit card. However, based on the stated credit score requirements for the cards named above, you have a very high chance of getting accepted with a 670 credit score.)
How to Improve a 670 Credit Score
Whether you have poor credit or good credit, there are proven steps that can improve your credit score.
- Check Your Credit Reports
- Understanding your credit report will help you improve your FICO score. Each major credit bureau will give you a free annual credit report
- Dispute Inaccurate Entries
- Mistakes can damage your score. Review your reports and dispute any inaccurate entries.
- Make Payments On Time
- Payment history is the most important component of your credit score.
- Keep Your Credit Utilization Low
- Keeping your credit card balances below 30% of your available credit limit can boost your FICO score. Using a lower percentage of your available credit limit is even better. Credit utilization is an important part of your score.
- Diversify Your Credit Mix
- Using both revolving credit (credit cards) and installment loans may help your score. If you have bad credit, consider a secured credit card.
- Only Apply for New Credit When You Need It
- Each application leaves a hard inquiry on your credit report. Too many inquiries can hurt your score.
- Don’t Close Accounts
- Leave old credit accounts open unless you’re paying a fee to keep them. A longer credit history can help your score.
- Use All Your Payments
All of these factors affect your credit score. Each of them can make a difference!
As I stated earlier, FICO classifies scores from 670 to 739 as “good”. That makes 670 a good score, but not a safe score. Any drop will put you in FICO’s “fair” credit score range. It’s also below the US average credit score of 711.
Be particularly careful if you have a limited credit history and a small number of active accounts. If you have a thin credit file the impact of any negative entry will be magnified.
Any time you think about credit scores, remember these points:
- You have more than one credit score.
- FICO uses different credit scoring models, and some lenders use the VantageScore system.
- Your credit score changes.
- Each credit report update can change your FICO score.
- The score you see may not be the score your lender sees.
- Lenders and free credit score providers often use different scores. Most lenders use FICO scores. Most free credit score providers use VantageScore.
- Every lender is different.
- Many lenders have their own minimum credit score requirements. Some lenders might classify your 670 FICO score as “fair”, not “good”. Always shop around!
Your credit score is a financial report card. A lower credit score means lenders see you as a higher credit risk. A higher score means you pose a lower risk, and that can get you better deals.
Improving your 670 score will place you more securely in FICO’s “good” range and start you moving toward a high credit score. Whether you’re looking for a personal loan, student loan, refinancing or consolidation loan, or any other type, better credit gets you a better deal.
So, is 670 a good credit score? Yes, it is, but you can still do better!
Frequently Asked Questions
Is 670 a good credit score for a car loan?
A 670 FICO score will get you approved for a car loan, but it won’t get you the best terms. Improving your score and shopping for the best deal can help you save money.
Is 670 a good credit score for a mortgage?
A 670 FICO score will place you on the borderline between “good” and “acceptable” for many mortgage lenders. A higher credit score will place you more safely in the “good” range. You can get approved with a 670 score, but you may not get the terms you want.
Making a larger down payment and improving your debt-to-income ratio can also get you a better deal.
Is 670 considered a good credit score?
The “good” range of the FICO 8 scoring model extends from 670 to 739. That makes 670 good but risky: even a minor negative entry could push you into a lower bracket. Try to improve your score!
How can I improve a 670 credit score?
Use these proven methods to boost your credit scores:
● Check your credit reports regularly.
● Dispute any inaccurate entries.
● Keep your payment history clean: make all payments on time!
● Keep your credit utilization low. Use less than 30% of your available credit.
● Use different types of credit.
● Only apply for new credit when you need it.
● Don’t close credit card accounts.
● Use services that place rent, utility, and other payments on your credit record.
To continue learning about credit, see the following articles in the series:
- Why did my credit score drop for no reason?
- Sample Letter to Remove Closed Accounts From Credit Report
- How to Write a Goodwill Deletion Letter to Remove Late Payments
- How to Increase Your Credit Score to 800
- The Best Way to Check Your Credit Score
You may also be interested in these other articles:
- The FICO vs Vantage Credit Scores
- How to Build Credit Without a Credit Card
- Why is Credit Important?
- How to build credit with bad credit
Steve Rogers has been a writer and editor for over 30 years, specializing in personal finance, investment, and the impact of political trends on financial markets and personal finances. His work has appeared in The International Herald Tribune, Foreign Affairs, and The Journal of Democracy, among many others. He has a particular interest in making complex topics accessible and useful to non-specialist audiences. When he’s not working, he can usually be found paddling kayaks, rappelling waterfalls, riding mountain bikes, or coming up with new adventures for his two boys. On rare occasions he has been known to throw a shield.